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Comcast Moves to Hijack Murdoch’s Deal for Sky With $31 Billion Offer

Approach for U.K. broadcaster complicates deal for Disney to buy assets from 21st Century Fox

The cable industry is undergoing a major transformation, as more Americans cut the cord on their cable subscriptions and flock to streaming services like Hulu and Netflix. So how did we get here? Illustration: Shaumbe Wright/WSJ

Comcast Corp. is planning a takeover bid for European pay-TV giant Sky PLC, putting the cable giant on a collision course with rivals 21st Century Fox and Walt Disney Co.

Early Tuesday Comcast said it was planning a £22.1 billion ($30.9 billion) offer for Sky, topping a rival bid from Fox to consolidate ownership of the U.K. broadcaster—and moving to peel away one of the most attractive overseas assets that Disney has separately agreed to buy from Fox.